Illinois Tax Amnesty Program Ends November 8, 2010

Under the recently enacted Illinois Tax Amnesty Program, taxpayers can avoid penalties and interest for eligible prior year tax periods, but they risk 200 percent penalties and interests for liabilities not paid during the amnesty program, which ends November 8, 2010.

Illinois taxpayers have a window of opportunity to avoid penalties and interest on prior year tax liabilities under the Illinois Tax Amnesty Program that expires November 8, 2010. The Tax Amnesty Program contains pitfalls as well as opportunities for avoiding penalties and interest for prior periods. Payment of eligible tax liabilities during the amnesty period will result in abatement of all penalties and interest for the relevant tax period, but failure to pay most eligible liabilities will expose the taxpayer to double penalties and interest.